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The big bang in Arun Jaitley's budget is that things will be done bottom up and it is more on execution rather than giving some grand proposals.

Chinese handset maker Xiaomi today unveiled its first handset, Mi 3, for the fiercely competitive Indian smartphone market, priced at Rs 14,999.

Jaitley announced a Rs 500 crore fund for farm price stabilization. He said the govt wanted agriculture to grow although weak rainfall was a concern.

Modi has more or less, achieved such a unity of command and control by getting his loyalist and confidant Amit Shah appointed as the BJP president.

As for his party, Jaitley is one of the principal trouble shooters, dispatched to various corners of the country to settle one dispute or the other.

In a marginal relief, Finance Minister Arun Jaitley increased the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh for citizens up to 60 yrs.

It is now the turn of Rajasthan’s camels to receive the benevolent concern of the state administration, alarmed by their fast declining population.

A new round of funding could see Flipkart being valued at $5 billion (Rs 30K crore) at least, almost a near-doubling of the company's valuation.

"The will be developed to accommodate the burgeoning number of people, otherwise, the existing cities would soon become unlivable," Jaitley said.

The govt said it will allocate Rs 500 crore for its 'Digital India' initiative to set up broadband network in villages and promote local softwares.

Congress wants to make the people aware of each failure of BJP government and how it has failed to fulfil its promises with a media offensive.

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By Reuters | 10 Jul, 2014, 03.50PM IST

"Today's data is a little disappointing - the deficit is wider than expected. But if you look into the details, both imports and exports have increased."

LONDON: Sterling slipped against both the dollar and the euro on Thursday after data showed the UK goods trade deficit widened unexpectedly in May, pushed up by high imports of aircraft.

The Office for National Statistics said the goods trade deficit grew to just over 9.2 billion pounds from 8.8 billion pounds in April. Economists in a Reuters poll had forecast a slight narrowing to 8.75 billion pounds.

"Today's data is a little disappointing - the deficit is wider than expected. But if you look into the details, both imports and exports have increased," said Ian Stannard, a currency strategist at Morgan Stanley.

"That does suggest increased activity in the UK, so that should limit the downside (for sterling), particularly in a currency environment where volatility is still very low and international liquidity is still ample."

The pound fell to a session low of $1.7111 after the data from $1.7131 beforehand, down a quarter of a per cent on the day. The euro strengthened 0.2 per cent to a high of 79.69 pence.

Traders had been waiting to see whether minutes released on Wednesday from the U.S. Federal Reserve's latest monetary policy committee meeting would deviate from Fed Chair Janet Yellen's dovish approach and offer an indication of when the bank might start to raise interest rates from their current historic lows.

But they found little to suggest the central bank will move its first rate hike forward, currently expected in the middle of next year. The minutes did confirm the Fed's bond purchases would probably end in October.

Expectations that the Bank of England will increase interest rates before its peers in Europe and North America were therefore kept on track, despite a run of soft UK data this week which showed factory output slowing and the housing market starting to cool.

The BoE concludes its two-day Monetary Policy Committee meeting on Thursday and will announce its interest rate decision at 1100 GMT. It is widely expected to keep rates unchanged at record lows, although expectations are growing it may tighten policy before the year's end.

"Sterling has become a firm market favourite, underpinned by the looming prospect of monetary policy normalisation owing to an economic recovery of surprising strength, which contrasts starkly with that of the euro area," strategists at the Bank of New York Mellon said in a morning note.

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